The HSBC Bank (UK) Pension Scheme ("the Scheme")
Make your pension work for you
You're a deferred hybrid member of the Scheme because you are a former employee who started before 1 July 1996 and left on or after 1 July 2015. This means that you have both a Defined Benefit (DB) pension and a Defined Contribution (DC) pension pot.
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DC Fund factsheets
The latest quarterly DC Fund factsheets dated 31 December 2021 and the latest monthly flash report are now available in the Information Centre.
Tax-free cash video
As a hybrid member, you can choose whether you want to take your DB pension and DC pension pot together or separately. If you take them at the same time, you may be able to use your DC pension pot towards your overall tax-free cash lump sum. If you want to know more about how much tax-free cash you could take, there’s an easy way to estimate it. Why not watch this video today and find out more.
More things to consider
Advice and guidance
If you need some more help to decide the investment option that is right for you, it's worth thinking about getting some advice from a regulated financial adviser. Using an adviser can be expensive, so make sure you’ve read all of the information available to you first. MoneyHelper offers free support on a wide range of financial matters, online and over the phone. Go to the pensions and retirement section at MoneyHelper.org.uk. You can also use this service to find a retirement financial adviser.
Make your pension work for you
Keeping an eye on your pension benefits can help you hit your desired income at your target retirement date. Visit My Pension to see what’s in your DC pension pot and how well those investments are performing. You’ll need your username and password to log in unless you're on the HSBC network and then you can click here.
From 30 May 2022 you will need to log in to Member Self Service (MSS) to see how much DB pension you accrued.
Announcements
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Notice to Members – change to Trustee Board
The Trustee Directors recently invited nominations from members of the HSBC Bank (UK) Pension Scheme (the Scheme) who were interested in becoming a Member-Nominated Director (MND) of HSBC Bank Pension Trust (UK) Limited, the Trustee of the Scheme.
Policy Statement from the Trustees on the Russian and Ukraine situation
The Trustee of the HSBC Bank (UK) Pension Scheme has considered the current situation in the Ukraine and has taken investment and legal advice.
Latest financial result is now available…
If you have defined benefits in the Scheme, you will want to know that they can be paid as and when they are due.
More about the Scheme
One of the choices you have as a deferred hybrid member is to transfer out the value of your pension benefits to another pension scheme.
You can transfer your DB pension, DC pension pot or both, to a new employer's pension scheme or any registered pension arrangement. If you choose this option you need to complete a Transfer-out Request form which you can find in the Information Centre.
As a hybrid member, when you decide you want to take your benefits, your DB pension will be calculated using two methods and you’ll receive whichever one produces the highest pension:
1. A pension based on your DB pensionable service up to 30 June 2015 and your DB pensionable salary at date of leaving (which will include any salary increases from 1 July 2015). This will then be revalued in line with the Scheme rules to help protect your benefits from inflation,
or
2. A pension based on your DB pensionable service and DB pensionable salary as at 30 June 2015, revalued in line with the Scheme Rules as if you left service (to help protect your pension against the impact of inflation) from 1 July 2015 up to your retirement date.
If you build up a large amount of pension savings over your lifetime you may reach what is known as the "Lifetime Allowance" (LTA). This amont includes the value of your pension entitlement built up across all registered pension schemes that you've been a member, not just this Scheme.
If your savings exceed the LTA you'll have to pay a tax charge on the excess unless you have LTA tax protection.
If you die as a deferred hybrid member of the Scheme (after leaving HSBC but before you’ve retired), the total value of your DC pension pot (including the value of HSBC’s contributions) will be paid as a lump sum at the Trustee’s discretion. What happens to your DB pension savings will depend on your original scheme. As a deferred hybrid member, it’s important to make sure you keep your beneficiaries’ details up to date. To find out more about your DB benefits, visit the Information Centre and go to ‘Member Guides’. Then select your former scheme booklet.
For more information about protection benefits visit our choose your beneficiaries page.
If you want to know exactly how much financial support your family would receive you can use the calculations and examples in the ‘Your DB and DC Pension Benefits Working Together’ (4.6MB, PDF) in our Information Centre.
Any consideration of a divorcing couple’s assets usually includes pension rights. Our HSBC Administration Team can help if you want more information. Remember to update your personal details if you’re getting divorced or dissolving your civil partnership. You should also make sure your details are up to date on the My Beneficiaries page in My Pension.
Contact us
Check your pension
You can do this by visiting My Pension. You'll need your username and password to log in to My Pension. Don't know yours?. If you're on the HSBC network you can click here and you won't need your username and password.
From 30 May 2022 you will need to login to MSS to view details about your hybrid benefits. You will still have access to My Pension which will show the most up to date value for your DC pension pot.
Are your contact details up to date?
It’s important to keep your contact details current. Visit My Pension to do this. You'll need your username and password unless you're within the HSBC network and then you can click here. From 30 May 2022 you will need to login to MSS to view and update your contact details.
If you're still an HSBC employee and have opted out of the pension scheme please also contact HR Direct to update your contact details.